Oakmount & Partners Ltd's managing director Glenn King talked with Proactive about the company's latest developments and future strategies.
King discussed InterGroup Mining, a mining company preparing to list on the TSX later this year, a culmination of over a decade of investment and capital raising. He highlighted that the listing is expected between late October and mid-November 2024.
King also shared insights into Oakmount's broader portfolio, which includes significant property and green technology investments. He emphasized their commitment to developing properties and scaling up operations in transformative industries like hydrogen and rare earth minerals.
Proactive: Since we last spoke, there have been some developments at Oakmount. So let's start with InterGroup Mining. This is a mining company and is preparing to list on the TSX. You're the corporate broker as well as an investor in the company.
Glenn King: InterGroup Mining has been, as I've mentioned many times before, a labor of love. Our first investment goes back more than a decade, and over that period, we've raised significant expansion capital for the business so that it's able to scale its operations, get to production, list on the stock market, and maximize shareholder value. The company is now right on the cusp of doing that.
They're looking at the submission of the S-4 files later this month, with the view of listing in Q4, probably late October at the earliest, or maybe through to the midpoint of November. I think that's the ideal timeframe for them. So yes, it's been 11 years of hard work, but it's finally coming to fruition.
Proactive: And Glenn, we've chatted previously about your five-year plan to raise £50 million targeted at green technology and transformative industries. So this fits very much into that plan, doesn't it?
Glenn King: Our business is effectively split in two directions. We've got a significant portfolio within property and tangible asset bank, and InterGroup Mining is an example of a tangible, commodity-driven business, with a key focus on technologies, rare earth minerals, and components that go into green technology and smart devices. Second to that, we also have a big drive on new and upcoming technologies, such as hydrogen.
We've also got a placement that we're about to undertake with Biosus, and we'll be up in Aberdeen very shortly, meeting with Garth and the team as they move towards scaling their business. We’ll be providing the expansion capital and really taking that business to the next level of growth, with a view of them listing or potentially considering a private acquisition down the line. The company is in a really formidable state.
Proactive: You also mentioned the other arm of your business, which is your property portfolio. Tell us a little bit about that and what's happening there.
Glenn King: Our company portfolio covers a number of strategies, most notably the buy-refurbish-refinance approach, where we take commercial buildings and redevelop them into luxury residential living. Second to that, we also focus on land acquisition, where we secure planning permission and build properties. We've got two developments already underway.
One is Follyfields in Essex, near Stansted Airport, with luxury three- and four-bedroom homes. Then we’ve got The Pumphouse in Cambridge, which has one- and two-bedroom apartments—beautiful, high-end properties. We’re fortunate to have a fantastic relationship with our business partner, Granville Developments, which has been around for nearly 60 years. We’ve got significant projects in play for 2025.
Proactive: What’s next for Oakmount, Glenn?
Glenn King: We’ll continue on our present trajectory, really focusing on scaling up everything we do. With nearly two decades in business, it's all about building the company, strengthening the management, and potentially taking Oakmount to IPO or considering a high-scale private acquisition within the next three to five years. We're pushing towards that £50 to £80 million target, with further property development and green technologies, positioning ourselves to take hold of future opportunities.